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If Washington Won’t Rein In Corporate Greed, Your State Might


#1

If Washington Won’t Rein In Corporate Greed, Your State Might

Sarah Anderson

Josh Elliott is fed up with overpaid CEOs. As the owner of a Connecticut natural foods market with 40 employees, he says he could never justify pocketing hundreds of times more pay than his employees.

“I’m very much a capitalist,” Elliott told me in an interview. “But there need to be limits.”


#2

Attempting to regulate corporate executive compensation will never succeed at the local, state or federal level because corporations have the means and experience to tailor compensation schemes to meet their needs and in many cases influence the endless addition of legal loopholes. There is no limit the variety of ways executive compensation can be "characterized", to use an IRS term.

FDR's New Deal regulations regulated the BUSINESSES and INDUSTRIES such that executives could not legally execute risky schemes that enrich them at the expense of the rest of us. As New Deal regulations have been dumped during the past four decades, corporate executives have been able to game the system and execute schemes while no longer being subject to prosecution and imprisonment.

Until ALL New Deal regulations are restored with additional regulation tailored to the 21st century global economy, efforts to regulate executive compensation will have no better results than beating a dead horse.


#3

Just charge all corporations in taxes an amount equal to the total of what they pay in salaries AND BONUSES to the top five percent of their executives and employees.


#4

Corporations are not natural born citizens, they are a government fiction. The government can put any stipulation on corporate behavior it wants. All we need are representatives with the guts to do it.


#5

Unfortunately, the Supreme Court has rendered several decisions that have granted corporations rights under the Constitution. These need to be overturned either by the court or a constitutional amendment. Then we can regulate the b*stards...


#6

I disagree ray...somewhat. It is the constitutional duty of the feds to regulate corporations. Of course they don't when all branches of government are dominated by a neolib/neocon duopoly which is a wholly-owned subsidiary of imperial oligarchs and plutocrats.

In any case, it's laughable to even consider any meaningful corporate regulation at the state or local level. There's that interstate commerce clause constitutional thang and the raw power of corporations. The fact that progressives even take this kind of thing seriously once again demonstrates the pervasiveness of naiveté - or outright dilettantism - in the so-called "Left" in the U.S.

Oh, and there's this: “I’m very much a capitalist,” Elliott told me in an interview. “But there need to be limits.” Really great sourcing for a progressive think-tank. How far has IPS fallen? They now espouse "benevolent" capitalism.


#7

Why not work to change articles of incorporation, at the state level, so as to state that the number one purpose of a corporation is to create jobs at a living wage and to give back directly to the community in which the corporation does business.


#8

Richard Wolff: "Worker Cooperatives: Movements for Social Change and Personal Empowerment" - 1 of 2 - YouTube